Western

Ohana Real Estate Sells 130-Room Montage Healdsburg Luxury Resort in California’s Wine Country for $265M

by Katie Sloan April 29, 2021

HEALDSBURG, CALIF. — Ohana Real Estate Investors has sold the Montage Healdsburg, a 130-room luxury hotel located within California’s Sonoma County wine country. Sunstone Hotel Investors Inc. (NYSE: SHO) bought the resort for $265 million, more than $2 million per key. Montage Healdsburg is a newly built, 258-acre resort situated within walking distance of downtown Healdsburg. The property offers bungalow-style guest rooms and suites alongside shared amenities including a full-service spa; multiple swimming pools; an archery range; pickleball courts; bocce ball; dining options including a multi-level main restaurant and an outdoor bar and grill overlooking the resort’s vineyards; and meeting and event space. The property also offers a number of 4,500-square-foot, move-in-ready residences titled Harvest Homes, which feature four bedrooms with bed-to-bath parity. Ohana will retain ownership of the residential parcels within the property, and has begun constructing homes and selling custom homesites affiliated with the resort. “This sale reflects the strong interest from investors in best-in-class, leisure-oriented resorts as the hotel industry begins to recover from the effects of the COVID-19 pandemic,” says James Cole, head of asset management at Ohana. Dentons was legal advisor to Ohana on the transaction. This disposition marks Ohana’s second sale of a hotel …

April 29, 2021

Development Industrial Nevada Western

Mark IV Capital Breaks Ground on 815,000 SF Building at Victory Logistics District in Northern Nevada

by Amy Works April 28, 2021

FERNLEY, NEV. — Newport Beach, Calif.-based Mark IV Capital has broken ground on Victory Logistics District, a 4,300-acre, master-planned industrial district in Fernley. Mark IV Capital acquired the land in July 2019 and has since designed the multi-phased development, including infrastructure, rail facilities and industrial buildings ranging in size from 170,000 square feet to 1.5 million square feet. Slated for completion in the first quarter of 2022, Building A will offer 815,000 square feet of cross-dock industrial space designed by HPA Architects. The building will feature 40-foot clear heights, 160 dock positions measuring 9-foot by 10-foot, four 12-foot by 14-foot drive-in doors, 451 auto parking spaces, 371 trailer parking spaces, three access points (two off of Duffy Road and one off of Nevada Pacific Parkway) and 11.4 acres of additional land available for expanded parking.

April 28, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

Affordable Housing California Development Multifamily Western

R.D. Olson Breaks Ground on 64-Unit Affordable Housing Community in South Los Angeles

by Amy Works April 28, 2021

LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.

April 28, 2021

Loans Retail Washington Western

NorthMarq Arranges $14.5M Refinancing for Lakeland Commons Retail in Auburn, Washington

by Amy Works April 28, 2021

AUBURN, WASH. — NorthMarq has secured $14.5 million in refinancing for Lakeland Commons Retail, a shopping center located at 1502 Lake Tapps Parkway SE in Auburn. The 10-year loan features a 30-year amortization schedule. Walgreens is a tenant at the 35,000-square-foot strip retail center. Bob Spiro and Scott Moline of NorthMarq’s regional Seattle office secured the refinancing.

April 28, 2021

Acquisitions California Office Western

Pac West Office Equities Sells Office Park in Sacramento to Nome Capital Partners for $57.5M

by Amy Works April 27, 2021

SACRAMENTO, CALIF. — Pac West Office Equities has completed the disposition of a two-building office park located at 1625 and 1747 N. Market in Sacramento. San Francisco-based Nome Capital Partners acquired the asset for $57.5 million. Situated on 22.9 acres, the 315,372-square-foot property was 99 percent leased to the California Department of Consumer Affairs. The acquisition also includes 4.6 acres of excess land for potential development.

April 27, 2021

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens Bellevue Overlake Seniors Housing Community Near Seattle

by Amy Works April 27, 2021

BELLEVUE, WASH. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered. The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities in development, including communities in Kirkland and the Eastlake neighborhood of Seattle. Aegis Living Bellevue Overlake is the first community Aegis Living has designed to be fully centered in the scientific benefits of biophilia and the innate connection to nature, a concept that has been shown to elicit a therapeutic response both physical and emotionally, according to Aegis. “We are delighted to open a community that is rooted in nature, bringing the outdoors in and creating an oasis in the city, particularly coming out of a year when the COVID-19 pandemic demonstrated just how important home is,” says Aegis founder, CEO and chairman Dwayne Clark.

April 27, 2021

Affordable Housing California Loans Multifamily Seniors Housing Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

by Amy Works April 27, 2021

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.

April 27, 2021

Acquisitions California Industrial Western

Westcore Buys 108,927 SF Warehouse in Southern California for $16M

by Amy Works April 27, 2021

TEMECULA, CALIF. — Westcore has purchased a warehouse building located at 28381 Vincent Moraga Drive in Temecula. A private party sold the asset for $16 million. The 108,927-square-foot property features 40- to 42-foot clear heights and an existing in-rack sprinkler system. The 6.6-acre site offers ample dock-high loading and a fully fenced and secured truck yard. The buyer plans to make several cosmetic and deferred maintenance improvements to the property, including new paint, drought-tolerant landscaping, a new roof and skylights, and interior enhancements to the existing office space. Randy Lockhard of Newmark represented Westcore, while the seller was self-represented in the deal.

April 27, 2021

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